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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment and Geographic Information | SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company organizes its operations into three reportable segments as follows: •U.S. pawn •Latin America pawn •Retail POS payment solutions (AFF) Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, merger and acquisition expenses and loss (gain) on foreign exchange, write-offs of certain lease intangibles and impairments of certain other assets, are presented on a consolidated basis and are not allocated between the U.S. pawn segment, Latin America pawn segment and retail POS payment solutions segment. The following tables present reportable segment information for the years ended December 31, 2021, 2020 and 2019 as well as separately identified segment assets (in thousands):
|  | Year Ended December 31, 2021
|  | U.S. Pawn |  | Latin America Pawn |  | Retail POS Payment Solutions |  | Corporate |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | 742,374 |  |  | $ | 391,875 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,134,249 |
Pawn loan fees |  | 305,350 |  |  | 170,432 |  |  | — |  |  | — |  |  | 475,782 |
Leased merchandise income |  | — |  |  | — |  |  | 22,720 |  |  | — |  |  | 22,720 |
Interest and fees on finance receivables |  | — |  |  | — |  |  | 9,024 |  |  | — |  |  | 9,024 |
Wholesale scrap jewelry sales |  | 27,163 |  |  | 30,027 |  |  | — |  |  | — |  |  | 57,190 |
Total revenue |  | 1,074,887 |  |  | 592,334 |  |  | 31,744 |  |  | — |  |  | 1,698,965 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | 416,039 |  |  | 247,425 |  |  | — |  |  | — |  |  | 663,464 |
Depreciation of leased merchandise |  | — |  |  | — |  |  | 12,826 |  |  | — |  |  | 12,826 |
Provision for lease losses |  | — |  |  | — |  |  | 5,442 |  |  | — |  |  | 5,442 |
Provision for loan losses |  | — |  |  | — |  |  | 48,952 |  |  | — |  |  | 48,952 |
Cost of wholesale scrap jewelry sold |  | 22,886 |  |  | 26,243 |  |  | — |  |  | — |  |  | 49,129 |
Total cost of revenue |  | 438,925 |  |  | 273,668 |  |  | 67,220 |  |  | — |  |  | 779,813 |
Net revenue (loss) |  | 635,962 |  |  | 318,666 |  |  | (35,476) |  |  | — |  |  | 919,152 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | 380,895 |  |  | 179,020 |  |  | 4,917 |  |  | — |  |  | 564,832 |
Administrative expenses |  | — |  |  | — |  |  | — |  |  | 111,259 |  |  | 111,259 |
Depreciation and amortization |  | 22,234 |  |  | 17,834 |  |  | 122 |  |  | 5,716 |  |  | 45,906 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 32,386 |  |  | 32,386 |
Interest income |  | — |  |  | — |  |  | — |  |  | (696) |  |  | (696) |
Loss on foreign exchange |  | — |  |  | — |  |  | — |  |  | 436 |  |  | 436 |
Merger and acquisition expenses |  | — |  |  | — |  |  | — |  |  | 15,449 |  |  | 15,449 |
Gain on revaluation of contingent acquisition consideration |  | — |  |  | — |  |  | — |  |  | (17,871) |  |  | (17,871) |
Impairments and dispositions of certain other assets |  | — |  |  | — |  |  | — |  |  | 949 |  |  | 949 |
Total expenses and other income |  | 403,129 |  |  | 196,854 |  |  | 5,039 |  |  | 147,628 |  |  | 752,650 |
Income (loss) before income taxes |  | $ | 232,833 |  |  | $ | 121,812 |  |  | $ | (40,515) |  |  | $ | (147,628) |  |  | $ | 166,502 |
|  | As of December 31, 2021
|  | U.S. Pawn |  | Latin America Pawn |  | Retail POS Payment Solutions |  | Corporate |  | Consolidated
Pawn loans |  | $ | 256,311 |  |  | $ | 91,662 |  |  | $ | — |  |  | $ | — |  |  | $ | 347,973 |
Finance receivables, net |  | — |  |  | — |  |  | 181,021 |  |  | — |  |  | 181,021 |
Inventories |  | 197,486 |  |  | 65,825 |  |  | — |  |  | — |  |  | 263,311 |
Leased merchandise, net |  | — |  |  | — |  |  | 143,944 |  |  | — |  |  | 143,944 |
Goodwill |  | 861,793 |  |  | 171,279 |  |  | 503,106 |  |  | — |  |  | 1,536,178 |
Total assets |  | 1,944,487 |  |  | 562,661 |  |  | 1,178,729 |  |  | 150,575 |  |  | 3,836,452 |
|  | Year Ended December 31, 2020
|  | U.S. Pawn |  | Latin America Pawn |  |  |  | Corporate |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | 720,281 |  |  | $ | 355,237 |  |  |  |  | $ | — |  |  | $ | 1,075,518 |
Pawn loan fees |  | 310,437 |  |  | 147,080 |  |  |  |  | — |  |  | 457,517 |
Interest and fees on finance receivables (1) |  | 2,016 |  |  | — |  |  |  |  | — |  |  | 2,016 |
Wholesale scrap jewelry sales |  | 45,405 |  |  | 50,828 |  |  |  |  | — |  |  | 96,233 |
Total revenue |  | 1,078,139 |  |  | 553,145 |  |  |  |  | — |  |  | 1,631,284 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | 415,938 |  |  | 225,149 |  |  |  |  | — |  |  | 641,087 |
Provision for loan losses (1) |  | (488) |  |  | — |  |  |  |  | — |  |  | (488) |
Cost of wholesale scrap jewelry sold |  | 39,584 |  |  | 39,962 |  |  |  |  | — |  |  | 79,546 |
Total cost of revenue |  | 455,034 |  |  | 265,111 |  |  |  |  | — |  |  | 720,145 |
Net revenue |  | 623,105 |  |  | 288,034 |  |  |  |  | — |  |  | 911,139 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | 396,627 |  |  | 165,531 |  |  |  |  | — |  |  | 562,158 |
Administrative expenses |  | — |  |  | — |  |  |  |  | 110,931 |  |  | 110,931 |
Depreciation and amortization |  | 21,743 |  |  | 15,816 |  |  |  |  | 4,546 |  |  | 42,105 |
Interest expense |  | — |  |  | — |  |  |  |  | 29,344 |  |  | 29,344 |
Interest income |  | — |  |  | — |  |  |  |  | (1,540) |  |  | (1,540) |
Loss on foreign exchange |  | — |  |  | — |  |  |  |  | 884 |  |  | 884 |
Merger and acquisition expenses |  | — |  |  | — |  |  |  |  | 1,316 |  |  | 1,316 |
Impairments and dispositions of certain other assets |  | — |  |  | — |  |  |  |  | 10,505 |  |  | 10,505 |
Loss on extinguishment of debt |  | — |  |  | — |  |  |  |  | 11,737 |  |  | 11,737 |
Total expenses and other income |  | 418,370 |  |  | 181,347 |  |  |  |  | 167,723 |  |  | 767,440 |
Income (loss) before income taxes |  | $ | 204,735 |  |  | $ | 106,687 |  |  |  |  | $ | (167,723) |  |  | $ | 143,699 |
(1)Effective June 30, 2020, the Company’s U.S. pawn segment ceased offering an unsecured consumer loan product in the U.S.
|  | As of December 31, 2020
|  | U.S. Pawn |  | Latin America Pawn |  |  |  | Corporate |  | Consolidated
Pawn loans |  | $ | 220,391 |  |  | $ | 87,840 |  |  |  |  | $ | — |  |  | $ | 308,231 |
Inventories |  | 136,109 |  |  | 54,243 |  |  |  |  | — |  |  | 190,352 |
Goodwill |  | 802,148 |  |  | 175,233 |  |  |  |  | — |  |  | 977,381 |
Total assets |  | 1,718,975 |  |  | 540,473 |  |  |  |  | 112,749 |  |  | 2,372,197 |
|  | Year Ended December 31, 2019
|  | U.S. Pawn |  | Latin America Pawn |  |  |  | Corporate |  | Consolidated
Revenue: |  |  |  |  |  |  |  |  |  |
Retail merchandise sales |  | $ | 722,127 |  |  | $ | 453,434 |  |  |  |  | $ | — |  |  | $ | 1,175,561 |
Pawn loan fees |  | 379,395 |  |  | 185,429 |  |  |  |  | — |  |  | 564,824 |
Interest and fees on finance receivables |  | 20,178 |  |  | — |  |  |  |  | — |  |  | 20,178 |
Wholesale scrap jewelry sales |  | 71,813 |  |  | 32,063 |  |  |  |  | — |  |  | 103,876 |
Total revenue |  | 1,193,513 |  |  | 670,926 |  |  |  |  | — |  |  | 1,864,439 |
Cost of revenue: |  |  |  |  |  |  |  |  |  |
Cost of retail merchandise sold |  | 447,911 |  |  | 297,950 |  |  |  |  | — |  |  | 745,861 |
Provision for loan losses |  | 4,159 |  |  | — |  |  |  |  | — |  |  | 4,159 |
Cost of wholesale scrap jewelry sold |  | 65,941 |  |  | 30,131 |  |  |  |  | — |  |  | 96,072 |
Total cost of revenue |  | 518,011 |  |  | 328,081 |  |  |  |  | — |  |  | 846,092 |
Net revenue |  | 675,502 |  |  | 342,845 |  |  |  |  | — |  |  | 1,018,347 |
Expenses and other income: |  |  |  |  |  |  |  |  |  |
Store operating expenses |  | 412,508 |  |  | 183,031 |  |  |  |  | — |  |  | 595,539 |
Administrative expenses |  | — |  |  | — |  |  |  |  | 122,334 |  |  | 122,334 |
Depreciation and amortization |  | 20,860 |  |  | 14,626 |  |  |  |  | 6,418 |  |  | 41,904 |
Interest expense |  | — |  |  | — |  |  |  |  | 34,035 |  |  | 34,035 |
Interest income |  | — |  |  | — |  |  |  |  | (1,055) |  |  | (1,055) |
Gain on foreign exchange |  | — |  |  | — |  |  |  |  | (787) |  |  | (787) |
Merger and acquisition expenses |  | — |  |  | — |  |  |  |  | 1,766 |  |  | 1,766 |
Total expenses and other income |  | 433,368 |  |  | 197,657 |  |  |  |  | 162,711 |  |  | 793,736 |
Income (loss) before income taxes |  | $ | 242,134 |  |  | $ | 145,188 |  |  |  |  | $ | (162,711) |  |  | $ | 224,611 |
|  | As of December 31, 2019
|  | U.S. Pawn |  | Latin America Pawn |  |  |  | Corporate |  | Consolidated
Pawn loans |  | $ | 268,793 |  |  | $ | 100,734 |  |  |  |  | $ | — |  |  | $ | 369,527 |
Consumer loans, net |  | 751 |  |  | — |  |  |  |  | — |  |  | 751 |
Inventories |  | 181,320 |  |  | 83,936 |  |  |  |  | — |  |  | 265,256 |
Goodwill |  | 771,311 |  |  | 177,332 |  |  |  |  | — |  |  | 948,643 |
Total assets |  | 1,767,504 |  |  | 574,059 |  |  |  |  | 97,877 |  |  | 2,439,440 |
Geographic Information The following table shows revenue and long-lived assets (all non-current assets except operating lease right of use asset, goodwill, intangibles, net and deferred tax assets) by geographic area (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Revenue: |  |  |  |  |  |
U.S. |  | $ | 1,106,631 |  |  | $ | 1,078,139 |  |  | $ | 1,193,513 |
Mexico |  | 562,493 |  |  | 530,462 |  |  | 641,505 |
Other Latin America |  | 29,841 |  |  | 22,683 |  |  | 29,421 |
|  | $ | 1,698,965 |  |  | $ | 1,631,284 |  |  | $ | 1,864,439 |
Long-lived assets: |  |  |  |  |  |
U.S. |  | $ | 373,218 |  |  | $ | 286,079 |  |  | $ | 254,395 |
Mexico |  | 84,648 |  |  | 82,438 |  |  | 80,385 |
Other Latin America |  | 13,191 |  |  | 14,968 |  |  | 12,893 |
|  | $ | 471,057 |  |  | $ | 383,485 |  |  | $ | 347,673 |

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